ADS Securities starts CNH trading
Abu Dhabi, November 6, 2013
ADS Securities, a leading forex brokerage in the Middle East, said it has started trading the USDCHN currency pair (US Dollar/ Chinese Renminbi).
Offering access to the Renminbi (RMB) has been driven by a growing interest in the Chinese currency, said a statement from the Abu Dhabi brokerage.
International trading of the RMB has increased significantly over the last few years. The Bank of International Settlement Triennial Central Bank Survey (September 2013) showed that the RMB is now the 9th most traded currency, and accounts for 2.2 per cent of global trading - up from 17th place with 0.9 per cent of volumes three years ago, it stated.
Philippe Ghanem, the managing director and vice-chairman of ADS Securities, said: "The CNH is the offshore RMB and we are very pleased that our customers can now trade this with a GCC-based brokerage. We always want to offer new trading and investment opportunities for our clients and have responded to the strong demand from investors to have access to the Chinese currency."
The USDCNH pair can be accessed on ADS Securities' professional trading platform, he added.
Abu Dhabi-based ADS Securities is a forex, bullion and commodities trading firm, which brings significant new opportunities to participants in the global and regional Forex, commodities, futures and options markets.-TradeArabia News Service
More Finance & Capital Market Stories
- Qatar 'most expensive country in Gulf'
- Egypt regulator sets rules for index
- Dubai Islamic eyes Kenya, Indonesia for expansion
- ADCB to buy back 3pc of its shares
- GCC insurance growth outpaces developed markets
- Bahrain 'faces budget deficit, inflation challenges'
- Global Payment Services wins key certification
- BBK unveils big India expansion plans
- Kuwait GDP growth to hit 3.5pc in 2014
- Gulf shares tumble over EM exposure cut
- GCC bonds to gain from macro-economic climate
- French Business Council Dubai members up 18pc
- Egypt economy growth seen less strong than thought
- Sharjah approves $4.2bn budget for 2014
- Saudi non-oil sector posts solid growth in Feb
- Seera total income rises to $34m
- NBAD approves 40pc cash dividends
- NBAD sees 8-10pc loan growth
- Al Basel Group launches investment arm
- Union Insurance posts $18m profit
- Oman warns banks on conflicts of interest
- Japan to lend Tunisia $480m
- 400 to join anti-laundering seminar in Riyadh
- Lebanese insurer to head Prague Club
- UAE's first REIT plans $135m IPO
- Bahrain banking industry outlook 'positive'
- New India Assurance opens Bahrain branch
- Qatar sets up mixed business incubator
- Kuwait budget spending up 8pc in April-Jan
- Thomson Reuters to host Mena IFR awards